One of the most widely circulated pieces of accepted wisdom on Wall Street is the stock market is overdue for a pullback. The Dow and S&P 500 haven’t had 10% drops since 2011, making them ready for the long-awaited correction.

Mr. Gartman, publisher of an eponymous daily investment newsletter, had been one of those folks calling for such a pullback. But now, he’s throwing in the towel on such a prediction.

“Simply put, we’ve been wrong…badly…to have expected the market to correct,” Mr. Gartman wrote Tuesday morning.

“We’ve been wrong because the world’s markets have not corrected,” Mr. Gartman said. “We’ve been wrong because new highs keep being made in any number of various indices; we’ve been wrong because the trend remains ‘from the lower left to the upper right’ and we’ve been wrong because being long has been the difficult trade…the rather unpopular trade…the hard trade that few really have recognized even as prices simply continue to advance.”

In an interview with MoneyBeat, Mr. Gartman said he recently has avoided shorting, or betting against, the market. But he hasn’t profited as much as he would’ve liked, he said, because he had been waiting for a pullback in order to buy stocks at cheaper prices.

“It’s funny,” he said, “I find myself going from nicely bullish to neutral sometimes and every time I turn neutral I wish that I hadn’t.”

Even though the correction Mr. Gartman expected has yet to materialize, the market hasn’t mustered much momentum this year. Its gains this year are a far cry from last year’s 30% rally in which the S&P 500 notched 45 different record highs.

Some pockets of the market have experienced more volatility than others. Internet, social media and biotech stocks have been hit hard since early March after big rallies in the second half of 2013 and the beginning of this year. The small-cap Russell 2000 earlier this month dropped 10% from a recent peak, but has since recovered some of those losses.

The Dow and S&P 500, meanwhile, are slightly higher for the year, with the S&P 500 poised to set another record high on Tuesday.

“It’s so silly for me to think I can call a correction,” Mr. Gartman said. “The market will correct when it corrects. That’s what I’ve learned in my 40 years in the business.”